Empty Lot Money Pit
I only posting this for general thoughts and hope there is something I haven't thought of. I am not asking for legal advice just opinions if you were me. Any feedback would be appreciated.
Ok here's my little situation. In 2007 purchased an 7.7 acre "estate lot" in the new Jacksonville Ranch Club equestrian community. Like most people I didn't realize the real estate bubble would pop and thought it would be a great investment. I financed the lot with a conventional loan thinking I would be easy to resell.
Paid 175,000.00 Its on a 10 year loan at 6.5 interest. I still owe 110,000 today with a 1,700 monthly payment.
A lot of investors purchased land there and are in the same situation. A few families have build homes but its mostly a nicely planned out ghost community.
I had it for sale since I purchased it. It is only worth maybe 40k. I could keep paying and hope for the best. I could reach out to builders and try and negotiate a deal for a spec home (risky). I have offered owner financing but that difficult on a lot.
How would a savvy investor turn this sinking ship around?